Vermont Uni plans student housing P3

The University of Vermont (UVM) is to enter into a P3 agreement to redevelop a parking lot into new student accommodation.

Credit: University of Vermont

A letter of intent has been signed by the university and private equity investment and management company, AAM15 Management, to build the housing on the east side of UVM’s main campus.

The Catamount Woods complex will accommodate 540 undergraduate students in apartments on land that UVM currently leases to AAM 15 - which owns the neighboring DoubleTree Hotel - for use as a parking lot.

Although the details of the scheme are still being finalized, the project is expected to cost $100m, with UVM likely to invest a quarter of the total cost.

“Catamount Woods will provide another attractive residential option for hundreds of our upper-level undergraduate students, offering them an opportunity to live on campus and enhancing the vibrancy of our community,” said UVM president Suresh Garimella.